Asia Pacific Blood Glucose Test Strip Packaging Market Research Repor Global Smart Parking Market Research Report - Fore | Page 2

Smart Parking Market, By Segmentation:
The smart parking market is segmented based on parking site, technology, and region. On
the basis of parking site, Off-Street segment accounted for the largest share with 68.45% in
the global smart parking market due to growth in automotive industry. The off-street
parking is generally used for parking the vehicles anywhere but not on the street. There are
various garages and parking lots available for parking the vehicles. This is one of the safe
parking method as compared to on-street parking. On the basis of technology, the market
has been as SmartApp, ultrasonic, RFID, In-ground vehicle detection sensor, and others.
SmartApp segment accounted for the largest share with 34.14% in the global smart parking
market. Ultrasonic is the second largest segment on the basis of technology and accounted
for 26.25% share in the same year. The SmartApp is an integrated technology that has been
developed to help the drivers on the real time availability of the parking space in nearby
place. The SmartApp is widely used because any person sitting in the car can find the place
for parking the vehicle in convenient manner. Ultrasonic has accounted for the second
largest segment in smart parking market with a market share of 35.01% in 2016.
Smart Parking Market, By Region:
On the basis of region, the market is segmented as North America, Asia Pacific, Europe, and
Rest of the World. Asia Pacific region has accounted for the largest market share due to the
presence of China, Japan and India. The high growth rate in the registration of new cars
worldwide, with major boom from regional economies such as Asia Pacific (APAC), will
open the window of opportunities for parking management business. Smart city concept is
a new approach to redesigning cities and conceiving solutions to recent urban challenges
such as traffic congestion, rapid expansion of urban population, increased energy
consumption and increased greenhouse gas emission. Smart city aims to solve these
challenges based upon foundations of good urban planning, economic competitiveness and
sustainable practices that use emerging information and communication technologies.
Europe accounted for the second largest market during the forecast period due to growing
urbanization. The growing urbanization has led to the increased demand for infrastructure
including transportation and building. Smart cities provide higher technology through
mobile technology, optimize existing infrastructure, and create land use, in an efficient way.
This will lead to growing demand for smart parking in smart cities. In the U.S., the National
Institute of Standards Technology (NIST), part of U.S. Department of Commerce, has started
working on the deployment of smart city development. The design of the framework was
built to address two main concerns that are the interoperability and portability of ICT
development across cities, and the need for standard architectural principles. This
framework will lead to the demand for smart cities, which will ultimately result in the
development of the smart parking market. Canadian market for automotive industry is
rising steadily. The vehicle sales have continued to grow in the recent years. As of March,